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Mazda's first-quarter profit slumps on weak sales in U.S. and China

TOKYO — Mazda reported a 79% drop in quarterly operating profit, falling significantly short of estimates, as it continues to struggle with declining U.S. and Chinese sales, while a strengthening yen also cut into its bottom line. Operating profit at JapanÂ’s No.5 automaker was 7.0 billion yen ($64 million) in the first quarter ended June, versus around 33 billion yen a year ago and less than half of an average forecast for 18.5 billion yen from analysts polled by Refinitiv. Mazda, however, reiterated its forecast for a 33% rise in operating profit to 110 billion yen in the year ending March. ThursdayÂ’s profit announcement marks MazdaÂ’s poorest first-quarter operating performance since the June 2012 quarter. The automaker has been struggling with falling demand for its cars over the past year or so, while it is also recovering from flood-related damage to its factories in Japan that led to a quarterly loss in the July quarter of 2018. The Nikkei business daily on Wednesday had reported that operating profit at the company would fall around 70% for the quarter due to lower sales in the United States. Mazda posted global sales of 353,000 units for the quarter, down 12% from a year ago. Its sales in the United States, its biggest market, fell 15% to 68,000 units, while in China, Mazda sold 54,000 vehicles, down 21% on the year. A trade war between the top two economies and slowing growth in China, the worldÂ’s biggest auto market, have prompted a broad-based sales downturn in the global auto sector. Automakers are grappling with easing demand for cars just as they must invest heavily in new technologies including electric cars, autonomous driving technologies and ride-sharing services to survive a major industry shift away from car ownership. Many of MazdaÂ’s rivals at home and abroad have been reporting disappointing quarterly results, with Nissan and Ford also announcing job cuts and possible plant closures earlier this month. The United States is a key source of revenue for Mazda, but it imports all its vehicles sold there, exposing it to a threatened hike in U.S. tariffs on imported cars from Japan. To limit its vulnerability to possible tariffs and currency fluctuations, Mazda is investing in a new plant in the U.S. state of Alabama, a joint project with Toyota.

Lexus, Mazda and Subaru top Consumer Reports Brand Report Cards

A revised methodology in devising its annual Car Brand Report Cards has seen Consumer Reports award Lexus its top overall ranking for 2013. For the first time ever, the institute broke out individual brands from their larger corporate umbrellas, meaning car makers like Lexus and Scion were judged independently from parent company Toyota. That strategy worked out well for Lexus, as the luxury brand earned a top report card score of 79 for the 2013 model year.
The institute has recommended every one of the Lexus models it has tested to date, and said that the company's products won out thanks to "a foundation of plush and very reliable vehicles."
Meanwhile, Mazda and Subaru tied for the second-highest scoring report cars, with scores of 76. Subaru earned praised for sporting models like the BRZ, which CR testers apparently had a lot of fun driving (naturally), while the Mazda products were lauded for their blend of practicality, sportiness and efficiency. Both of the Japanese brands offered good handling, fuel economy and versatility, said Consumer Reports.

2019 Mazda CX-3 small crossover will start at $21,365

The figures are in for the 2019 Mazda CX-3 subcompact crossover, which will start at $21,365 when it arrives in showrooms later this month. That's $280 above the outgoing model, including a $975 destination and handling fee. Fuel economy figures are also now in from the EPA. When equipped with front-wheel drive, the 2019 CX-3 gets 29 miles per gallon in the city and 34 on the highway for a combined 31 mpg. The all-wheel-drive version is rated at 27 mpg in the city, 32 on the highway and 29 combined. Which are ... exactly the same figures as the outgoing version (so much for the promised fuel economy improvements). We detailed most of what's new about the 2019 version back in March at the New York Auto Show. Mostly, they're non-cosmetic changes: The carryover 2.0-liter Skyactiv four-cylinder picks up a couple more horsepower and pound-feet of torque for 148 total horsepower and 146 pound-feet of torque, joining a six-speed automatic transmission with manual-shift and sport modes. It also gets Mazda's G-Vectoring Control driving technology, a sportier, retuned suspension and improvements to make the driving experience quieter and more refined. Mazda says it's also added an electronic parking brake, which necessitated a redesign of the center console and armrest, adding storage space, and it redesigned the front seats and added a new rear armrest with built-in cupholders. Standard features include a new direct tire-pressure monitoring system and blind-spot monitoring with rear cross-traffic alert, two USB ports, a rearview camera, hands-free Bluetooth calling and audio pairing capability, and the 7-inch Mazda Connect full-color infotainment and diagnostic display, controllable via voice command or control knob. The new Sport i-ACTIVSENSE Package of safety technologies is available for an extra $1,100. It adds features including smart city braking support with pedestrian detection, lane departure warning, radar cruise control with stop-and-go function, LED headlights and LED combination tail lights. Other trim levels include Touring, which adds 18-inch wheels and keyless entry, and the top-level Grand Touring, which starts at $26,720 and $28,120 for front- and all-wheel-drive configurations, respectively. Grand Touring includes the Sport i-ACTIVSENSE Package, plus Parchment or black full-leather seating with high-gloss pleated piping and chrome accents on the front bumper and side sills, among other features.